Property Ownership
When does a fixture attached to a Delaware property become real property?
AOnly when specified in the purchase contract
BWhen it is permanently attached to the land or structure, intended to remain✓ Correct
COnly when the owner records an affidavit
DWhen it is assessed for tax purposes
Explanation
A fixture becomes real property when it is permanently attached to the land or structure with the intent that it remain as part of the real estate. Courts consider method of attachment, adaptation, and intent.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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